Catalfumo Companies secured a $401 million condo inventory loan for The Ritz-Carlton Residences, Palm Beach Gardens, the first development for Ritz-Carlton to designate as an Estate Collection property due to the luxurious and expansive nature of its 106 residences.
Located at 2200 PGA Blvd., the development comprises three seven-story buildings with homes ranging from approximately 3,400 to more than 6,500 square feet and priced from $4 million to over $10 million.
All feature private dens, walk-in pantries and laundry rooms, and guest bedrooms with private balconies. Amenities include an infinity-edge heated pool, pickleball court, dog park and spa, waterfront entertainment pavilion, private dining rooms, clubhouse, wellness center, guest suites, children’s club and a 29-boat slip marina that can accommodate yachts up to 75 feet with direct access to Jupiter and Palm Beach Inlet.
The community is located on the last 14 contiguous acres of Intracoastal waterfront in the Palm Beaches and spans 1,040 feet of direct water frontage. Construction is expected to conclude this summer.
Berkadia arranged the floating-rate financing, which was provided by Northwind Group. Catalfumo Companies will use the proceeds to refinance the project’s construction loan, with a portion held back for the community’s opening.
“The Ritz-Carlton Residences, Palm Beach Gardens designation as an Estate Collection property for the brand reflects the strong partnership with one of the world’s most recognized luxury brands and underscoring the continued growth in Palm Beach County,” said Berkadia’s Director Michael Basinski, who arranged the loan with Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg and managing directors Matthew Robbins and Brad Williamson. “Catalfumo curated a one-of-a-kind project across 14 acres with over 1,000 feet of direct Intracoastal water frontage. There will never be another project on this scale devoted to just 106 residences. Capital markets are seeking superior quality assets in growth markets, and that held true for this financing.”
Michael Ainbinder, partner and head of commercial real estate credit at Northwind Group, led the transaction on his firm’s behalf.
“The continued surge in population growth and corporate activity across the Palm Beaches bodes well for a quick sellout of the remaining inventory at Ritz Carlton Palm Beach Gardens,” Wadler said. “North Palm Beach County is a high-barrier-to-entry market, which is a favorable environment to build in when there is sustained economic growth.”